STOP Early Journal Content on JSTOR, Free to Anyone in the World This article is one of nearly 500,000 scholarly works digitized and made freely available to everyone in the world byJSTOR. Known as the Early Journal Content, this set of works include research articles, news, letters, and other writings published in more than 200 of the oldest leading academic journals. The works date from the mid-seventeenth to the early twentieth centuries. We encourage people to read and share the Early Journal Content openly and to tell others that this resource exists. People may post this content online or redistribute in any way for non-commercial purposes. Read more about Early Journal Content at http://about.istor.org/participate-istor/individuals/early- journal-content . JSTOR is a digital library of academic journals, books, and primary source objects. JSTOR helps people discover, use, and build upon a wide range of content through a powerful research and teaching platform, and preserves this content for future generations. JSTOR is part of ITHAKA, a not-for-profit organization that also includes Ithaka S+R and Portico. For more information about JSTOR, please contact firstname.lastname@example.org. ANNUAL REPORTS 229 and of the characteristics of immigrant cul- tures. Library schools should incorporate work along this line into their regular courses. 4th. In communities having considerable im- migrant population, the library should be given prominence as a social institution, and should be made in actual fact a community center. We recommend in this connection the free use of library rooms for clubs, public meetings and the like; formal invitations to organizations such as societies, lodges and study-classes for carefully planned visits ; and also that libraries take the initiative in the public introduction of official representatives of European countries, such as consuls and visiting members of legations, and of dis- tinguished European visitors of races locally represented. The public library is admirably situated as a place for informal public recep- tions which, in the entertainment of distin- guished guests, may naturally bring together native and foreign born elements of the population, to the great increase of mutual respect and appreciation. In conclusion, the Committee call the atten- tion of the Association to the fact that no work worth doing can be accomplished with- out an expenditure of money on the part of some one. We as individuals and the li- braries with which we are connected have met all the expenses of the work of the last two years, but our limit is about reached. For the editorial work which is open to us, and for the correspondence which comes to us, stenographic help is necessary, and we should have a fund with which to provide it. The Committee are willing to give their time for constructive thought and careful planning, and for the establishment of con- tacts and the accomplishment of work, but they feel that they should be relieved of the need for doing themselves those mechanical processes which might be taken care of at the expenditure of a small amount of money. Respectfully submitted, Eleanor E. Ledbetter, Chairman. Hannah C. Exlis, Josephine Gratiaa, Marion Horton, Margery Quigley, Adelaide C. Rood. FINANCIAL REPORTS, 1921-22 FINANCE COMMITTEE In accordance with the provisions of Sec- tion IS of the Constitution as adopted in 1921, your Finance Committee submits the follow- ing report : The probable income of the Association for 1922 from its various funds has been estimated by the Committee and the Executive Board has made appropriations within these amounts. These budgets setting forth the incomes as estimated, have been printed in the Bulletin for January (pp. 20-21) and it is, therefore, unnecessary to report their details herewith. The Committee thought it desirable to con- tinue the practice instituted last year of having the various accounts of the Association audit- ed by a certified public accountant instead of by the members of the Committee, and again engaged for this work the firm of Marwick, Mitchell & Company. This firm has, under the Committee's instructions, audited the fol- lowing funds of the Association for the year 1921: American Library Association General Funds. James L. Whitney Fund. American Library Association Publishing Funds. American Library Association War Funds. American Library Association Books for Everybody Fund. The disbursements made from these various funds were verified by reference to the sup- porting vouchers and cancelled checks, and the various cash balances and securities held by the Association, deposited in bank, or in the hands of the Trustees of the Endowment Fund, were also found to agree with the bal- ances reported by the Treasurer of the Asso- ciation and by the Trustees. The afore-mentioned audits have been ex- amined and approved by the Finance Com- mittee and will be laid before the Executive Board at its next meeting with the recom- mendation that they be adopted by that body, according to the practice of recent years. 230 DETROIT CONFERENCE The securities in the custody of the Trus- tees of the Endowment Funds have been ex- amined as hereinbefore intimated, and checked by the certified public accountant, and the Committee finds that this audit agrees with the annual report of the Trustees for the period of January IS to December 31, 1921. The accounts of the James L. Whitney Fund, which are in the hands of the Treasur- er, have been examined and found to be as stated by him in his annual report. Respectfully submitted, George B. Utley, Chairman. Harrison W. Craver, Carl B. Roden. May 8, 1922. TRUSTEES OF THE ENDOWMENT FUND The Trustees of the Endowment Fund beg leave to submit the following statement of the account of their trust for the period from January 15, 1921, to December 31, 1921. The fiscal year heretofore adopted by the Trustees has been from January 15th to the following January 15th, but at the request of the Sec- retary of the American Library Association we have changed our fiscal year to the calen- dar year, which has been adopted to conform to the reports of the Association. In April, 1921, we suffered a great loss in the death of M. Taylor Pyne, who for several years had been associated with us. By election of the Association, J. Ran- dolph Coolidge, jr., of Boston, succeeded Mr. Pyne. During the past year we have received from the Treasurer of the Association the sum of $19,447.21 in cash, and Liberty Bonds to the amount of $1,000. The cash has been in- vested in Liberty Bonds of the second and fourth issues, which the Trustees felt was for the best interests of the trust fund. One bond of the United States Steel Cor- poration was paid May 1, 1921, and this amount, together with the premium of $100, was invested in Liberty Bonds. All of the above investments were to the credit of the Endowment Fund. The Trustees have made no change in in- vestments during the past year. The usual audit of the investments and accounts of the fund was made by the Messrs. Marwick, Mitchell & Co., certified public accountants. Respectfully submitted, Edward W. Sheldon, Wm. W. Appleton, J. Randolph Coolidge, jr., Trustees of the Carnegie and Endowment Funds of the American Library Association. Dated April 13, 1922. STATEMENT OF CARNEGIE AND ENDOWMENT FUNDS Carnegie Fund, Principal Account Cash dtonated by Andrew Carnegie $100,000 Invested as follows: Date of Purchase Cost. Book Value. June 1, 1908 5,000 American Telephone and Telegraph Company 4% Bonds due July 1, 1929, interest Jan- uary and July 96j4 $ 4,825.00 June 1, 1908 10,000 American Telephone and Telegraph Company 4% Bonds due July 1, 1929, interest Jan- uary and July 94^^ 9,437.50 June 1, 1908 15,000 Cleveland Terminal and Valley Railroad Com- pany First Mortgage 4% Bonds due Nov. 1, 1995, interest May and November 100 15,000.00 June 1, 1908 10,000 Seaboard Air Line Railway (Atlanta-Bir- mingham Division) First Mortgage 4% Bonds due May 1, 1933, interest March and September 95^ 9,550.00 June 1, 1908 15,000 Western Union Telegraph Company Collateral Trust 5% Bonds due January 1, 1938, in- terest January and July 1(»J4 15,000.00 ANNUAL REPORTS 231 June 1, 1908 15,000 New York Central and Hudson River Railroad Company, Lake Shore Collateral 3^% Bonds were exchanged February 10, 1916, for 15,000 New York Central Railroad Company Consoli- dated Mortgage Gold 4% Bonds, Series "A," due Feb. 1, 1998, interest February and Au- gust 90 13,500.00 June 1, 1908 15,000 Missouri Pacific Railroad Company Collateral Trust 5% Bonds were exchanged for 15,000 Missouri Pacific Railroad Company First and Refunding Mortgage Gold 5% Bonds due 1923, Series "B," interest February and August. 104^ 15,000.00 Aug. 6, 1909 1,500 United States Steel Corporation Sinking Fund Gold 5% Bonds due April 1, 1964, interest May and November 106^ 1,500.00 July 27, 1909 1,000 United States Steel Corporation Sinking Fund Gold 5% Bonds due April 1, 1963, interest May and November 102J^ 1,000.00 May 3, 1909 15,000 United States Steel Corporation Sinking Fund Gold 5% Bonds 104 15,000.00 May 5,1921 200 United States Third Liberty Loan 4^%.... 90.64 181.28 Jan. 1, 1922 Cash on hand. United States Trust Company 6.22 $100,000 The Surplus Account was increased $100.00 during 1917 by Premium received on one United States Steel Corporation Sinking Fund Gold 5% Bond called in at $110.00, making the Surplus Account $350.00, invested in Liberty Bonds May 7, 1918, Third Liberty Loan, 4%%. Endowment Fund, Income Account 1921 January 15 Balance on hand $ 16.46 May 2 United States Steel 200.00 May 16 United States 2nd 4>4 262.45 June IS Int. U. S. 4fi 28.44 Sept. 15 Int. U. S. 4^ 2.13 Oct. 15 Int. U. S. 4^ 272.02 Nov. 1 Int. U. S. Steel 175.00 Nov. IS Int. U. S. 4% 262.42 Dec. IS Int. U. S. 4M 28.56 ^$1,247.48 Disbursements 1921 May S Accrued Int. on U. S. 2nd 4^ $ 247.85 May 5 Accrued Int. on U. S. 4th 4^ 29.04 June 8 Exchange on checks 5.06 June 8 Cash to E. D. Tweedell, treasurer 196.96 June 6 Exchange on check .10 June 18 Exchange on check .10 Aug. 19 Exchange on check .10 Dec. 7 E. D. Tweedell, treasurer 739.71 1922 January 1 Cash on hand. United States Trust Co 28.56 ^$1,247.48 Endowment Fund, Principal Account 1921 January 1 On hand, bonds and cash $ 9,561.84 February 3 Life Membership, M. Reynolds 25.00 February 3 Life Membership, A. Strohm 25.00 March 7 Life Membership, M. J. Booth 25.00 March 7 Life Membership, P. Goulding 25.00 March 7 Life Membership, H. M. Leach 25.00 March 7 Life Membership, R. H. Schabacker 25.00 April 6 Life Membership, A. M. Colt 25.00 April 6 Life Membership, E. Tobitt 25.00 April 6 Life Membership, G. Whittemore 25.00 232 DETROIT CONFERENCE 1921 May 5 Life Membership, G. Wormer 2S.0O May S Am. Liby. Ass'n Treasurer 20,447.21 May 5 Profit U. S. Steel Bond 8.75 May 5 Premium U. S. Steel Bond 100.00 June 4 Life Membership, A. J. McCarthy 25.00 June 4 Life Membership, G. Kraunsnick 25.00 June 4 Life Membership, A. V. Jennings '. 25.00 June 16 Life Membership, W. F. Sanborn 25.00 June 16 Life Membership, B. E. Davis 25.00 August 18 Life Membership, L. E. Adams 25.00 August 18 Life Membership, O. S. Davis 25.00 August 18 Life Membership, W. H. Kerr 25.00 August 18 Life Membership, Mrs. W. H. Kerr 25.00 August 18 Life Membership, L. A. Shepard 25.00 August 18 Life Membership, Mrs. Elizabeth Claypool Earl 50.00 $30,667.80 Invested as follows : Date of Purchase Cost 1908 June 12 U. S. Steel Corporation Sinking Fund Gold 5% Bonds 9Sy2 $ 1,970.00 October 19 2 U. S. Steel Corporation Sinking Fund Gold 5% Bonds 102J^ 2,000.00 November S 1J4 U. S. Steel Corporation Sinking Fund Gold 5% Bonds 101 1,500.00 1910 July 27 VAIJ. S. Steel Corporation Sinking Fund Gold 5% Bonds 102H 1,500.00 1919 May 7 U. S. Victory Loan 4^4% 700.00 1921 May 5 12,000 U. S. 2nd 4J4 expires 1942 87.30 10,483.50 May S 350 U. S. 2nd 4}i expires 1942 87.36 305.76 May 5 12,000 U. S. 4th 4^ expires 1938 87.42 10,497.90 May 5 300 U. S. 4th 414 expires 1938 87.50 262.50 May 5 500 U. S. 4th 4J4 expires 1938 (Amer. Liby. Assn.) 500.00 May 5 500 U. S. 5th 4^4 expires 1923 (Amer. Liby. Assn.) 500.00 May 5 100 U. S. 3rd 4j4 expires 1928 90.64 1922 January 1 Cash on hand, United States Trust Co 357.50 $30,667.80 1921 January 15 February 1 February 1 March March 15 May 2 May 1 July 1 July 1 August 1 August 1 September 1 September 15 November 1 November 1 December 1 Carnegie Fund, Income Account Balance $1,174.77 Int. New York Central 300.00 Int. Missouri Pacific 375.00 Seaboard Air Line 200.00 Int. U. S. Bond 7.42 Cleveland Terminal 300.00 Int. United States Steel 437.50 Int. Western Union Telegraph 375.00 Int. American Telephone and Telegraph 300.00 Int. New York Central 300.00 Int. Missouri Pacific 375.00 Int. Seaboard Air Line 200.00 Int. U. S. Government 4% 11.71 Int. Cleveland Terminal 300.00 Int. United States Steel 437.50 Int. on deposits 75.84 $5,169.74 ANNUAL REPORTS 233 Disbursem 1921 enti May S May 5 June 8 December 7 December 2 1922 January 15 Accrued Int. on U. S. Bonds 1.18 Accrued Int. on U. S. Bonds .59 E. D. Tweedell, treasurer 2,000.00 E. p. Tweedell, treasurer 2,000.00 United States Trust Company Commission 75.00 Cash on hand, United States Trust Company 1,092.97 TREASURER'S REPORTS January 1 to April 30, 1922 The annual financial reports for the calen- dar year 1921 for all funds except Endow- ment Funds were printed in the January Bulletin. The annual report of the Trustees of the Endowment Fund and of the Finance Committee are printed here. The financial statements of the Treasurer for January 1 to April 30, 1922, are printed here for information. GENERAL FUNDS Receipts Balance, January 1 $ 6,664.20 Membership — Annual dues 11,026.90 Life memberships 175.00 War Funds (for year 1922) 1,000.00 Interest, December to April (in- clusive) 56.20 Expenditures BvMetin $ 1,815.21 Conference 142.91 Committee 129.00 Salaries 6,480.08 Additional service 485.34 Supplies 752.67 Postage, telephone and tele- graph 367.06 Travel 56.77 Miscellaneous 187.90 President's Contingent Fund 19.66 Trustees' Endowment Fund 175.00 $18,922.30 Balance, April 30 9,070.70 Permanent balance, Nat'l Bank of the Republic... 250.00 9,601.60 9,320.7(1 J18,922.30 PUBLISHING FUNDS Receipts Balance, January 1 % 449.33 Sale of publications 4,408.44 Bookliet subscriptions 5,1'?7.08 Sale of books (Review copies) 900.00 Interest, Dec. to April (inclusive) . . 10.62 Expenditures Salaries $ 2,656.36 Printing Booklist 1,234.85 Advertising 468.32 Express and postage 631.79 Supplies 883.69 Incidentals 200.84 Publications 2,377.94 Travel 477.50 nO,945.37 Balance, April 30. 8,931.29 2,014.08 $10,945.37 $5,169.74 JAMES L. WHITNEY FUND Principal and interest, January 1 . . . t Interest, January 1 Eighteenth installment, January 21, 1922 April 16, Liberty Bond Coupons 664.21 1.78 35.85 12.74 Fund accounted for as follows: U. S. 4th Liberty Loan 4^4 Bonds, par value $600.00 $ 5S0.68 Cash in Savings Account, Union Trust Company 183.90 % 714.58 $ 714.58 WAR FUNDS Receipts Balance, January 1 $77,071.84 United War Work Campaign 9,737.50 Miscellaneous 162.10 Interest on bank balance, Dec. to April (inclusive) 289.97 $87,261.41 Expenditures Headquarters expenses $ 1,000.00 Hoxpltals 6,824.94 Paris 260.00 Preserving War Service Material 299.73 Miscellaneous 685.30 Cash on hand, April 30. ..$21,862.70 fjiherty Bonds and Thrift Stamps (par value) 31,550.00 a. S. Gov. Cert, of In- debtedness 25,263.74 rjhrariana and Agents 625.00 $ 8,059.97 79,201.44 $87,261.41 BOOKS FOR EVERYBODY FUND Receipts Ua lance, January 1 $16,834.00 New cash contributions and payments on pledges — Cash $ 3,888.63 Liberty Bonds 1,000.00 Interest, Liberty Bond coupons Interest, Dee. to April (inclusive) . . Expenditures Books for the Blind $ 709.41 Library Extension 300.14 Booklist, Reading Courses and book publicity 1,080.04 General library publicity. . 328.35 Recruiting 130.22 Trustees' Endowment Fund 2,766.67 4,888.63 21.22 135.40 $21,879.25 Balance, April 30 $15,565.42 Liberty Bonds 1,000.00 $ 6,313.83 16,566.42 $21,879.25 Respectfully submitted, Edwabo D. Tweedell, May 17th, 1922 Treasurer.